This is information gotten today.
SOUTH Korea’s biggest cryptocurrency exchange Upbit, is under police investigation on suspicion of fraud. The Financial Supervisory Commission (FSC) reportedly sent investigators to Upbit’s Seoul offices and seized the company’s computer system to conduct an audit on the exchange’s virtual currency holdings. “UpBit is currently under investigation by prosecutors and is cooperating,” the exchange said in a notice to clients, with reassurances that services such as withdrawals and financial transactions were unaffected. Crypto commentators on social media suggest that many of the top 100 coins have dropped in the markets. Bitcoin was trading at an average of $8,750 (£6,449), falling around 7 per cent on the day. Ethereum had dropped almost 10 per cent, trading at an average of $690 (£506).
In March, the FSC and the Korean Financial Intelligence Unit (FoFIU) announced a joint investigation into crypto exchanges’ corporate accounts in Korean banks, over fears of anti-money laundering (AML) compliance concerns. The exchange hosted about $1.6 billion (£1.17bn) of cryptocurrency trades in the past 24 hours, making it the biggest in Korea. In April, CoinNest’s co-founder and chief executive Kim Ik-hwan was held on charges of embezzlement and fraud. He had allegedly moved “billions of won” in customers’ digital assets into their personal accounts. The rapid rise in the cryptocurrency market has concerned officials including Prime Minister Lee Nak-yon, who feared that the nation’s youth might be corrupted. Governments have been investigating allegations of excessive speculation and illegal activities such as money laundering. Trading prices have since fallen since authorities imposed restrictions.
https://www.express.co.uk/finance/city/958469/South-Korea-crypto-exchange-Upbit-raided-police/amp?__twitter_impression=true
Show Posts
